The crypto market is starting to pick up. Most cryptocurrencies managed to increase by more than 8% since last week. Bitcoin is up by more than 6% while Ethereum managed to increase by more than 18%. However, some crypto analysts still think that a price crash might occur before 2023. Will cryptos crash in December 2022? Will Crypto Winter continue through Q1 of 2023?
Why are Cryptos up?
In the past week, two important events happened that helped push the crypto market out of consolidation. Hopefully, this push will last longer. However, other analysts predict that this push higher is simply part of a technical sideways trend.
- The United Kingdom approved cryptocurrencies in a move to make them more legitimate
- Elon Musk, who is famous for his acceptance of cryptos officially acquired Twitter
The crypto market increased by an average of 10%, breaking the market cap valuation of $1 trillion higher.
Is Crypto Winter Coming still?
In a previous article, we predicted that the month of October was going to be a good one. Our normal case was spot on, as Bitcoin managed to increase in prices from its low of $18,500 to the current $20,500. Let’s look over December 2022 and how previous Decembers performed. Since Bitcoin has a 40% market dominance, any move in Bitcoin would be reflected in the entire crypto market.
December was mostly bullish when there were no previous crashes. If we look at figure 1 below, we can notice that in normal circumstances. However, every time there is a crypto crash in a specific December, the following one tends to be bearish. Since December 2021 was bearish, we assume that December 2022 would also be bearish as well. However, the impact should be around 50% (around -9%).
Crypto Analysis: Will Crypto Winter continue through 2023?
Well, it all depends on how Q1 of 2023 performs. If prices continue on a steady and healthy uptrend (or even consolidate), we can say that the crypto winter is officially over. Winters are harsh and typically mean that prices are falling. A total crypto market cap of $1.1 trillion should be reached by Q1 2023 or higher.
On the other hand, if prices fall lower by Q1 2023, this means that Bitcoin falls lower than $18,500. Consequently, we might expect lower prices to reach the bottom of $12,000 per Bitcoin. However, this scenario is still unlikely.
Where to Buy Cryptos before 2023?
There are many solid exchanges that offer crypto trading, staking, and other services related to cryptos. We at CryptoTicker recommend using the following:
–> Make sure to also check our exchange comparison page for a more detailed overview on each. <–
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